Sound Income Strategies LLC has reduced its stake in Pfizer Inc. (NYSE: PFE) by 2.4% during the third quarter of 2023. The firm sold 20,005 shares, bringing its total holdings to 818,064 shares, valued at approximately $20,648,000. This adjustment makes Pfizer the 22nd largest holding in Sound Income Strategies LLC’s portfolio, accounting for 1.1% of its total investments.
Several other institutional investors have also made changes to their positions in Pfizer recently. For example, Capital Advisory Group Advisory Services LLC increased its stake by 2.9%, now owning 13,542 shares valued at $328,000 after acquiring an additional 388 shares. Similarly, Citizens National Bank Trust Department raised its holdings by 0.9%, owning 46,103 shares now worth $1,118,000 after purchasing 395 shares. Peak Asset Management LLC and Able Wealth Management LLC also expanded their positions, with increases of 1.4% and 2.0%, respectively.
As of now, approximately 68.36% of Pfizer’s stock is held by hedge funds and institutional investors. These movements reflect a broader trend among institutional investors adjusting their portfolios in response to market conditions.
Recent Performance and Market Outlook
Pfizer’s stock has seen slight fluctuations recently, with shares rising by 0.6%. The company reported its quarterly earnings on November 4, 2023, announcing earnings per share of $0.87, exceeding analyst expectations of $0.79 by $0.08. Despite this positive news, the company’s revenue for the quarter was $16.65 billion, falling short of the projected $16.94 billion.
Looking ahead, Pfizer has set its earnings guidance for fiscal year 2025 between $3.000 and $3.150 per share. Analysts currently estimate that Pfizer will achieve earnings per share of $2.95 for the current fiscal year.
The company has also declared a quarterly dividend of $0.43, which is scheduled to be paid on March 6, 2024. Shareholders on record as of January 23, 2024 will receive this dividend, which translates to an annualized dividend of $1.72 and a yield of 6.8%. Pfizer’s current dividend payout ratio stands at 100.00%.
Analyst Ratings and Market Sentiment
Pfizer has been the subject of multiple research reports recently, with varying ratings from analysts. Sanford C. Bernstein reiterated a “market perform” rating and set a target price of $30.00 per share on October 31, 2023. Weiss Ratings maintained a “hold (C-)” rating in early October, while Bank of America adjusted its price objective from $29.00 to $28.00, also issuing a “neutral” rating.
Market sentiment shows a mixed outlook, with two analysts rating the stock as a “Strong Buy,” four as a “Buy,” twelve as a “Hold,” and one as a “Sell.” According to MarketBeat.com, the consensus rating for Pfizer is currently “Hold,” with an average target price of $28.06.
Pfizer Inc., headquartered in New York City, is a leading multinational biopharmaceutical company founded in 1849. The company is involved in researching, developing, and commercializing a wide range of medicines and vaccines, with a diverse portfolio that spans several therapeutic areas, including oncology, immunology, and infectious diseases.
This latest adjustment by Sound Income Strategies LLC, along with the overall market activity surrounding Pfizer, highlights ongoing shifts in investor sentiment and market dynamics as the biopharmaceutical landscape continues to evolve.
